Amara Raja reported stronger than expected Q4FY21. Its top-line and PAT were 21%/25% above our estimates. Its net sales increased by 33% YoY to Rs21 bn led by strong volume growth in both automotive and industrial applications. EBITDA was higher by 30% YoY to Rs3,165 mn, although EBITDA margin contracted 30bps YoY to 15.0%. Amara Raja's net profit rose 38% YoY to Rs1,895 mn aided by sharp increase in other income (+127% YoY to Rs321 mn). We lower our FY22 sales/PAT estimates by 3%/10% as we expect some weakness in H1 FY22 due to second wave of Covid-19 but we broadly maintain our FY23 estimates. We...